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Holdom Corporation's next dividend will be $ 2 . 4 5 per share. The company will increase its dividend 2 0 % the year after

Holdom Corporation's next dividend will be $2.45 per share. The company will increase its dividend 20% the year after and will then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average of 5% dividend growth, after which the company will keep a constant growth rate forever. If the required return for investors is 11%, what will a share of stock sell for today?
a.
$56.11
b.
$54.20
c.
$58.02
d.
$52.39
e.
$50.48

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